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NICON trustees appeal against ruling on Alma Beach Estate 


NICON Trustees Ltd has file notice of appeal against the ruling of Justice A.O Faji of the Federal High Court, Lagos, which dismissed its suit against Alma Beach Estate Limited.
Justice Faji had in his ruling delivered on June 22, 2018 dismissed NICON case against Alma Beach Estate Limited, in the course of determining the issue of representation of the respondent between the solicitors instructed by the Receiver Manager and the one instructed by the Alma Beach Estate Limited.
In its notice of appeal, NICON Trustees Ltd asked the Court of Appeal, Lagos Division to restrained Alma Beach Estate Limited and its privies from interfering with the possession of its receiver, who was appointed out of court by virtue of the Provisions of the Debenture Trust Deed, duly executed by the parties.
The appellant stated that Alma Beach Estate Limited and its privies have been intimidating, harassing and arresting the receiver and his officers on a trumped up allegations of forcefully entering the charged assets.   
In a 35-paragraph affidavit in support of motion on notice deposed to by one Cynthia Eyuba, the appellant stated that the respondent (Alma Beach Estate Limited) sometime in 1999 by virtue of Debenture Trust Deed dated February 20, 1991 conveyed 150 plots of land at Alma Beach Estate to it (NICON Trustees Ltd).

It added that the said Debenture Trust Deed was duly registered at the Lagos State, Land Registry as No: 75 in Volume 1949.It averred that in 2003, the respondent defaulted in the repayment of the outstanding sum due on the said Debenture Trust Deed thus necessitating the appointment of a Receiver, Mogbeyi Sagay (SAN) (now deceased) over the assets covered by and in accordance with the Debenture Trust Deed.

According to the appellant, in the process of the said receiver taking possession of the assets covered in the receivership, the respondent (Alma Beach Estate Ltd) filed a suit with No: LD/849/2003 at the Lagos High Court, and surreptitiously obtained orders of injunction restraining the then appointed receiver, from taking over and exercising his powers as receiver over the charged assets.

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